The Finance Division and World Bank have discussed measures to reduce regulatory and business constraints in Pakistan as part of an economic reform program focused on investment, jobs and private-sector growth.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met a World Bank delegation led by Country Director Bolormaa Amgaabazar on Friday to review progress on economic reforms and implementation priorities.
The proposed World Bank growth and jobs operation was a key part of the discussion. It includes measures to improve the investment climate, increase access to finance and raise productivity across sectors.
The World Bank also proposed steps to reduce regulatory and business constraints, improve financing for small and medium-sized enterprises (SMEs) and develop export-finance products for the EXIM Bank of Pakistan to support trade.
The two sides also discussed strengthening the Prime Minister’s Access to Finance initiative through a unified insolvency framework, factoring legislation and regulations aimed at expanding SME financing.
Sector-specific reforms covering pharmaceuticals, medical products and agriculture were also reviewed. These include changes to seed registration, deregulation of selected commodities and stronger international accreditation to help Pakistani businesses access international markets.
The meeting also covered tariff reforms under the National Tariff Policy, including work on the automotive sector. The reforms are aimed at improving competitiveness, productivity, investment and exports.
On tax reforms, the World Bank is providing technical assistance for the Medium-Term Revenue Strategy and revenue-policy modelling. Discussions also covered GST harmonisation, federal-provincial coordination and improved tax data sharing.
Agricultural income tax reforms and provincial property-tax changes were also reviewed, including digital systems for registration, filing and payments and more market-based property valuations.
The Finance Minister stressed the need to move from designing reforms to implementing practical measures that can produce measurable improvements in economic activity, investment, jobs and the business environment.
Both sides agreed to continue cooperation on economic reforms, with a focus on private-sector-led growth, stronger investment, institutional improvements and more efficient use of public resources.
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